Rare earth prices show divergence; Pr-Nd stops falling and rebounds while medium-heavy rare earths remain stable [SMM Rare Earth Daily Review]

SMM, September 24: Rare earth market prices remained divergent today. Specifically, in the oxide market, Pr-Nd oxide prices rose by 2,500 yuan/mt, gadolinium oxide prices fell by 1,000 yuan/mt, dysprosium oxide prices were flat, terbium oxide prices were flat, holmium oxide prices were flat, and erbium oxide prices were flat.

In the metals market, Pr-Nd alloy prices rose by 9,000 yuan/mt, gadolinium-iron alloy prices fell by 500 yuan/mt, dysprosium-iron alloy prices were flat, terbium metal prices were flat, holmium-iron prices were flat, and lanthanum-cerium metal prices were flat.

In markets outside China, FOB prices for Pr-Nd oxide and medium-heavy rare earth products were largely stable this week, while terbium products weakened slightly: terbium oxide FOB and terbium metal FOB prices fell by $8/kg and $6/kg, respectively; praseodymium oxide FOB, neodymium oxide FOB, dysprosium oxide FOB, Pr-Nd oxide (FOB China), Pr-Nd alloy (FOB China), praseodymium metal FOB, and neodymium metal FOB prices were stable.

Currently, rare earth market prices are showing notable divergence: Pr-Nd prices stopped falling and rebounded, while medium-heavy rare earth prices remained largely stable. Focusing on the Pr-Nd market, Pr-Nd oxide and alloy quotes moved up in tandem, with the metal segment again outpacing oxides in gains. This rebound was mainly driven by stronger futures, prompting spot suppliers to raise their quotes, while metal enterprises followed suit amid rising raw material costs. Transaction activity lagged behind, however, as downstream magnetic material enterprises maintained a strong wait-and-see sentiment with limited purchasing interest, and with the Mid-Autumn Festival holiday approaching, overall market trading sentiment was sluggish.

In the medium-heavy rare earth market, terbium and dysprosium products turned quiet, with no notable quote adjustments; gadolinium product quotes weakened slightly today but were unchanged from yesterday afternoon, and overall inquiry activity remained sluggish; holmium products stayed calm, with holmium oxide and holmium-iron prices unchanged; erbium products remained in a wait-and-see mode following the previous day's sharp jump, with quote centers flat.

Overall, rare earth market prices today showed a divergent pattern of "Pr-Nd rebounding while medium-heavy rare earths remained stable." Although spot quotes for Pr-Nd products moved higher amid gains in Pr-Nd oxide futures prices, downstream magnetic material enterprises remained largely cautious, and with the Mid-Autumn Festival holiday approaching, market trading sentiment was sluggish. In the short term, trading sentiment around the Mid-Autumn Festival holiday is expected to remain subdued, and Pr-Nd product prices are likely to move sideways.